India is fervently striving to emerge as the foremost and most sustainable global producer of critical minerals, as articulated by Priya Agarwal Hebbar, Chairperson of Hindustan Zinc, a Vedanta Group entity. Critical minerals, encompassing cobalt, copper, lithium, nickel, and rare earths, assume a pivotal role in the fabrication of eco-friendly technologies, ranging from wind turbines…
India is set to become a USD 4 trillion economy in the fiscal year 2024-25, surpassing Japan to become the world’s fourth-largest economy, according to Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal. During an event in New Delhi, Sanyal emphasized that achieving a 7 percent economic growth rate would be significant…
Public sector banks’ cumulative profit crossed Rs 1.4 lakh crore in the financial year ending March 2024, marking a 35% growth from the previous year’s Rs 1.04 lakh crore. State Bank of India (SBI) led with a profit of Rs 61,077 crore, up 22% from the previous year. Punjab National Bank (PNB) recorded the highest…
State Bank of India (SBI) has announced an impressive 18 percent growth in its consolidated net profit, reaching Rs 21,384.15 crore. This significant increase was primarily fueled by non-interest income. On a standalone basis, the state-owned lender saw its profit surge to Rs 20,698.35 crore from Rs 16,694.51 crore in the previous year. For the…
Ashima Goyal, a member of the RBI’s Monetary Policy Committee (MPC), stated that as India develops, the problem of high food inflation will become less severe. She highlighted that modern supply chains with diversified sources can swiftly address sudden spikes in prices of specific food items. Goyal emphasized the significance of increasing agricultural productivity to…
The Reserve Bank of India (RBI) has announced an invitation for applications from small finance banks (SFBs) meeting specific criteria, including a minimum net worth of Rs 1,000 crore, to apply for the status of regular or universal banks. The RBI had issued guidelines for licensing SFBs in the private sector in November 2014. Currently,…
Indian Renewable Energy Development Agency Limited (IREDA) has opened an office in GIFT City, Gandhinagar, specialising in offering debt options denominated in foreign currencies. This initiative aims to enable natural hedging and substantially decrease financing costs for Green Hydrogen and Renewable Energy Manufacturing projects, thereby supporting India’s shift towards a more sustainable future. The announcement…
Indian Renewable Energy Development Agency Limited (IREDA) has revealed its audited financial results for the fiscal year 2023-24. IREDA has achieved an annual profit after tax (PAT) of Rs 1252.23 crore which is an all time high. The results mark an impressive growth of 44.83 percent over the previous fiscal year. The company has successfully…
India’s Index of Industrial Production (IIP) showed a growth of 5.7% in February 2024, according to the quick estimates released by the government. The IIP, based on the 2011-12 base year, stood at 147.2 for the month. These estimates are typically released on the 12th of every month, with a six-week lag, and are compiled…
The Ministry of Mines has reported a remarkable increase in the production of key minerals and aluminium metal in the mining sector for the fiscal year 2023-24. According to the data, the index of mineral production for February 2024 stood at 139.6, marking an 8.0% increase compared to February 2023. The cumulative growth of this…
